Knowledge That Sells
Columbus, OH
July 2015
General News
Office
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Savage Real Estate has purchased a historic 11,166-square-foot
three story mansion in East Columbus for office use. Savage Real
Estate plans to occupy the second floor and lease the remainder of
the space.
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Aver Inc. will be moving into the 14th floor of the Huntington Center
on Capital Square this October. The Wisconsin-based tech firm is
taking a revolutionary approach to the design of their new office
space by incorporating quiet zones, secret hideouts, gardens, and a
recording studio.
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Trepp LLC, a real estate analytics firm, reported this month that the
$49.3 million loan balance on the Fifth - Third Center on Capital
Square may be heading towards default. The historic office building
contains 77,332 square feet of unleased space leaving a 23 percent
vacancy.
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Trivium Development LLC has plans to redevelop the vacant
53,200-square-foot OfficeScape property at 350 W. Wilson Bridge
Road. Renovation is projected to cost $7.9 million. The Central Ohio
Urology Group has hinted at leasing 23,000 square feet on the
ground level.
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The Scottish brewing company, BrewDog, announced plans to
construct an estimated $30.4 million brewery and headquarters
in Canal Winchester. The hip brewer expects to open the
100,000-square-foot brewery by late next summer, and create 125
jobs with an annual payroll of $5.25 million.
Nationwide Realty Investors Ltd. is expecting to start construction
on a four story apartment complex in Grandview Heights to meet
the demand for housing in the growing neighborhood. The project
will include 166 apartments and a 128-vehical underground parking
garage.
The business op-ed column, Smart Growth America, recently revealed
a report explaining the surge of businesses moving from the suburbs
to downtown areas. The report included Columbus’ Nationwide
Insurance who is planning on transferring 3,400 workers from the
suburbs to the new Grandview Yard development.
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Fifth-Third Bank is scheduled to dissolve 100 branch offices, and
cancel 30 future branches in response to the accelerating demand for
online banking. Fifth Third is currently Central Ohio’s fourth largest
bank with 57 retail offices and $4.6 billion worth of deposits. The bank
has yet to specify which branches will be closing.
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Kaufman Development expects to turn 100,000 square feet of the
historic LeVeque Tower in downtown into luxury apartments and
condos. The project will include 15 floors of rental apartments and 10
floors of for-sale condos. Construction cost have yet to be revealed.
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PCCW Teleservices US Inc. is scheduled to move into a
52,000-square-foot space at 5200 Rings Road in Dublin. The
telecommunications company is predicting to add 175 permanent
jobs plus 300 seasonal employees to Central Ohio. The company is
currently located at 565 Metro Place in Dublin.
Industrial
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Pizzuti sold two 253,269-square-foot industrial properties at 2315
and 2500 Creekside Parkway in Obetz for $13.7 million ($54.09
PSF) and $14.3 ($56.46 PSF) million to a commercial real estate
investment firm based in Minneapolis. Both properties are fully
leased according to the Central Ohio Commercial Information
Exchange.
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Railroad tank car manufacturer, Union Tank Car Co, will add a
second plant that will more than double their regional workforce.
The plant will be located at 1207 Cheney Ave. in Marion. The
expansion will add 200 manufacturing jobs to the region.
Retail
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Toledo’s own Barry’s Bagel will reintroduce themselves to the
Columbus market as they open a new 3,500-square-foot shop in
Dublin’s Northbridge Plaza.
The fast growing Texas-based restaurant chain, Chuy’s, will find a
new home at Easton Gateway as they plan to occupy a 7,400-squarefoot space within the shopping center. Chuy’s is famous for serving
Tex-Mex style food, and has opened 65 locations nationwide including
restaurants in Cincinnati and Dayton.
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Entrepreneur Pamela Lowery will open a new late night food and
wine bar at 111 W. Nationwide Blvd. The once lunchtime deli, will now
be converted into the west coast inspired “Sonoma Grille” that will be
able to comfortably seat 30 inside.
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Giant Eagle has decided to cut the expansion of their GetGo
convenience stores in Columbus after closing two near Ohio State’s
campus. Giant Eagle spokesman, Dan Donovan, stated that GetGo
remains committed to Central Ohio, but that the smaller format
locations can no longer accommodate GetGo’s evolving model.
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Delaware County has officially announced their plans to construct a
350,000-square-foot, $110 million TangerOutlet mall. Scheduled to be
completed by next year, the new mall will include top fashion brands
such as Ann Taylor, Banana Republic, and Polo Ralph Lauren.
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High-end eateries are flocking to become the next tenants at the new
Westar Neighborhood Retail Center. The shopping center will include
big names such as the burger restaurant, B-Spot by celebrity chef
Michael Symon, and the popular all organic grocery Fresh Thyme
Farmers Market.
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Shirley’s Gourmet Popcorn Co. will open its doors to their first
Columbus area location this fall. Anna Mae Blankemeyer and John
Blankemeyer from Northwest Ohio will open the new store at 15 N.
State St. in North Westerville.
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North Carolina-based Brenz Pizza have made their Columbus debut at
1551 Lennox Town Lane. This is the pizzerias fourth store since their
start in 2009. Founders Mark Michelle and Scott Morse are excited to
open their doors to the OSU campus community.
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Multifamily developer, Metro Development LLC, will purchase 6.3
acres of land off Hilliard Rome Road from the Ohio State University.
Metro Development CEO Tré Giller plans on possibly developing an
extended stay hotel on the property.
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The new Residence Inn located in Dublin opened just in time for
the prestigious Memorial Golf Tournament after months of delays.
The Marriott-affiliated brand opened the 100-room-hotel at 6365
Frantz Road. The general manager of the hotel said they achieved
40 percent occupancy the first two nights.
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Mulberry Design and Build will commence construction on 25
luxury condos next to Jeffrey Park in the Italian Village. The project
will cost $10 million and is scheduled to start as Wagenbrenner
Development completes their apartments on East First Avenue.
(All square footages are approximate. Sources: Business First, The
Columbus Dispatch, Xceligent, CoStar, Real Capital Analytics, The Wall
Street Journal, Marysville Journal-Tribune)
COLLIERS NEWS: Cal Axe joins Columbus Research
Colliers International |
Greater Columbus Region,
is pleased to announce the
addition of Cal Axe as the
new Research Analyst. Axe
is a recent graduate of Ohio
Wesleyan University where he
earned a bachelor’s degree in
International Business and was
captain of the golf team. Prior
to Colliers, Axe focused on
marketing as a sales intern at
AEP Energy in Columbus. As Researcher, Axe will update
Colliers databases and work closely with brokers to add in
research needs.
“Knowledge That Sells” is a monthly publication compiled and
Multifamily & Hospitality
researched by the research department at Colliers International in
Ohio. For more information, or to be added to the subscriber list,
please contact Dawn Jacobson at [email protected].
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The Schottenstein Real Estate Group is in the works to build a $70
million mixed-used community at Jacquemin Farms in Dublin which
will include 300 new apartments, an assisted living facility, and a retail
center. Brian Schottenstein, the CEO of Schottenstein Real Estate
Group, is very excited about the project and predicts it will be “one of
the finest mixed-used developments in Central Ohio.”
COLLIERS INTERNATIONAL
Greater Columbus Region
Two Miranova Place, Suite 900
Columbus, OH 43215
ph 614 436 9800 | fax 614 436 9700
www.colliers.com/ohio